New York, from Manhattan to Buffalo, is known for tax-based business incentives and a supportive environment for ambitious entrepreneurs. Fortunately, registering an LLC in New York is possible in just a few steps.
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New York LLC Quick Facts
- To form a New York LLC, you need to file Articles of Organization with the New York Department of State.
- The filing fee to start an LLC in New York is $200.
- To maintain your New York LLC, you need to complete publication requirements and pay an annual fee to the New York Department of Taxation and Finance.
7 Steps to Starting an LLC in New York
If you’re ready to register your business in New York, you’ve come to the right place. Forming an LLC in New York is as simple as a few steps.
These are the steps you need to follow to form an LLC in New York:
- Name Your New York LLC
- Appoint a Registered Agent
- File Your Articles of Organization
- Complete LLC Publication Requirements
- Draft Your Operating Agreement
- Obtain an EIN and Handle Taxes
- File a Beneficial Ownership Information Report
Step 1: Name Your New York LLC
Naming your New York LLC is the first step toward forming your business.
To name an LLC in New York you must follow these rules:
- Your LLC name must be unique and cannot match any existing business entity in the state
- You must have approval to include terms such as blind, university, or exchange
- Your business name must include limited liability company, LLC, or Limited Company
For a full list of naming requirements in New York, visit The New York State Senate website.
Before you settle on a name, you need to complete a business name search through the Division of Corporations’ Corporation and Business Entity Database.
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Step 2: Appoint a Registered Agent
The New York Secretary of State will act as your LLC’s registered agent by default.
You can choose to designate another registered agent such as an individual or registered agent service if you wish. However, if you choose a registered agent service, the Secretary of State will maintain its role as first contact for all service of process.
Step 3: File Your Articles of Organization
To formally register your LLC, you need to file Articles of Organization with the New York Department of State. You can file these formation documents online or by submitting Form DOS 1336-f by mail, in person, or by fax.
The filing fee is $200.
We recommend having the following details prepared:
- Your name, mailing address, email address, and phone number
- Your LLC’s name
- Your LLC’s mailing address
- The county your LLC will be located in
Quick Note: If you are expanding a business you formed in another state, you need to register as a Foreign LLC in New York. To do so, file an Application for Authority with the Department of State along with a $250 filing fee.
Step 4: Complete LLC Publication Requirements
New York LLCs are required to follow LLC publication requirements within 120 days of formation.
This entails publishing a notice of LLC formation in two weekly newspapers daily for six successive weeks. The publications must be located in the county of the LLC’s principal office or the registered agent’s office, if one is designated.
In addition to this, you must also file a Certificate of Publication along with publication affidavits provided by the newspapers to the Department of State along with a $50 filing fee.
Step 5: Draft Your Operating Agreement
LLCs in New York are required to create an operating agreement also known as a limited liability company agreement.
This document is a valuable asset to the company as it outlines ownership and operation procedures, ensuring all LLC members are in agreement and preventing potential conflicts in the future.
This is an internal document, meaning you do not have to file it with the state. However, you are required to create and maintain your operating agreement.
Step 6: Obtain an EIN and Handle Taxes
To allow the IRS to track and identify your business, you need an Employer Identification Number (EIN).
You can obtain this for free on the IRS website.
This is also the stage you should determine any additional steps you need to take to register for and pay business taxes. Visit the Department of Taxation and Finance website for more information.
Step 7: File a Beneficial Ownership Information Report
Effective January 2024, LLC owners are required to submit a Beneficial Ownership Information (BOI) Report with the US Financial Crimes Enforcement Network (FinCEN).
This can be submitted online for free.
New LLCs are required to submit this filing within 90 days of formation. However, existing LLCs have until January 1st, 2025.
Failure to file a BOI report will result in a $500 per day fine.
For information on exemptions for large corporations, visit the FinCEN website.
Next Steps
After registering your New York LLC, it’s important to:
- Open a business bank account to protect your assets and maintain the corporate veil. We recommend Lili’s free checking account to streamline your business banking without any fees.
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- Obtain necessary licenses and permits required by the state or federal government.
- If your LLC is taxed as a disregarded entity or partnership, you will be required to pay an annual fee to the Department of Taxation and Finance by the 15th day of the third month following the close of the tax year.
- Every business needs insurance. The most common types are general liability, personal liability, and workers’ compensation insurance. Start protecting your business with Next Insurance.
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- Submit your Biennial Statement to the Department of State every two years to update the state about your business, registered agent, and members’ names and addresses.
Additional Tips for Success
- Get to know your target market. Conducting effective market research will help your businesses marketing efforts and increase conversions.
- Ensure your business stays compliant. Be diligent about fees and reporting requirements from the state.
- Leverage tools such as bookkeeping software or registered agent services to automate tedious tasks and keep your mind on your business’s growth.
Conclusion
Registering a New York LLC requires diligence to ensure you are meeting all requirements. Pay attention to your steps and leverage the tools available to you to ensure your business is formed successfully.